Lion Rock Drilling Update for High-Grade Gold-Lithium Project at Volney, South Dakota

The most recent news, dated December 2, 2025, provides an operational update on Lion Rock Resources Inc.'s inaugural drill program at its Volney Project in South Dakota. The company reports the completion of 2,400 meters of drilling across 10 holes. Six of these holes targeted lithium-bearing pegmatites, and four targeted gold mineralization.

Geological observations from the drill core are described as encouraging. In the gold target areas, drilling encountered sulphide-bearing shear intervals with quartz veining and silicification. For the lithium targets, all six drillholes intersected spodumene-bearing pegmatite zones. Specific intersections highlighted for hole VOL25-009 include 28.6 meters (from 48.3 to 76.9 meters) and 16.8 meters (from 103.5 to 120.3 meters) of spodumene-bearing pegmatite.

The company explicitly states that assays for these drill cores are pending, with core logging and sampling ongoing. President and CEO Dale Ginn expressed encouragement by the geological features observed and anticipates sharing a significant number of assay results in the coming weeks. Drilling is stated to be ongoing.

This news is a positive operational update, confirming that the company's inaugural drill program is progressing as planned and has successfully intersected the targeted geological features. The encounter of sulphide mineralization in gold targets and, more importantly, spodumene-bearing pegmatites in lithium targets, validates the company's previous surface exploration and geophysical work. This suggests that the drill program is hitting the expected geology, which is a crucial first step in exploration.

However, the lack of assay results is a significant limitation on the material impact of this news. Without quantitative data on gold and lithium grades, it is impossible to assess the economic viability or true significance of these intersections. While "spodumene-bearing pegmatite zones" is a promising geological descriptor for lithium, the concentration and distribution of spodumene (and thus lithium) are unknown. The same applies to gold mineralization; sulphide occurrences are positive but require assays to determine grade.

Therefore, while the news confirms successful execution and positive qualitative observations, it does not yet provide the definitive data required for a material re-rating of the stock. It aligns with expectations following the commencement of drilling and sets the stage for potentially material news in the future, but it is not a "game changer" on its own. It's a routine positive step in the exploration process.

Lion Rock Resources Inc. (TSXV: ROAR) is a Canadian-based mineral exploration company primarily focused on advancing its multi-commodity projects.

Flagship Project: Volney Project * Location: Black Hills mining district of South Dakota, USA. This is a historically rich mining region, notably near the past-producing Homestake Mine (over 62 million ounces of gold). * Commodities: The project is prospective for high-grade gold, lithium, and tin. * Acquisition: Lion Rock acquired a 100% interest in the Volney Property through an option agreement with Tinton Partners, finalized in March 2025, involving the issuance of 7,001,000 common shares. * Key Features: * Private Land: The project is located entirely on 142 hectares of privately held land, which facilitates rapid permitting and allows for year-round work programs, offering a significant advantage for project advancement. * Exploration Highlights (prior to drilling): * Gold: Surface sampling identified a continuous high-grade gold horizon over 260 meters, with bedrock chip samples up to 14.0 g/t Au and float samples up to 189.5 g/t Au. Geophysical surveys (UAV magnetic survey and 3D inversion) were used to define structural controls and enhance gold targeting. * Lithium: The "Giant Volney pegmatite" is a 635-meter long LCT (Lithium-Cesium-Tantalum) pegmatite that was historically mined for tin and lithium. Surface sampling returned high-grade lithium results up to 5.3% Li2O from stockpile material and 3.7% Li2O from pegmatite outcrops, extending the known trend to 1,000 meters by 500 meters. * Tin: Historic stockpile samples showed significant tin values, with 13 samples exceeding 1.0% Sn. * Current Status: Received a drill permit in August 2025 and commenced its inaugural drill program in November 2025. The current news confirms geological intersections consistent with target models for both gold and lithium, with assays pending.

Other Properties: * Revell Property (Ontario, Canada): Option to acquire 100%, subject to a 2% NSR royalty (1% purchasable for $500,000). * Fleuron Property (Quebec, Canada): Option to acquire 100%, subject to a 2% NSR royalty (1% purchasable for $500,000). The company recorded an impairment on this property in 2024 and plans to let certain claims lapse to focus on a smaller portion. * Maybrun Property (Ontario, Canada): Sold with an agreement for potential future share consideration of $200,000 from a subsequent buyer. The property was impaired and written down to $1.

The company's strategic focus is clearly on the Volney Project due to its multi-commodity potential, high-grade surface results, and advantageous private land status.